San Francsiscan liver specialist 89bio (Nasdaq: ETNB) has secured $250 million through a public stock offering, following a surge in its share price linked to recent trial data from a competitor.
Akero Therapeutics (Nasdaq: AKRO) reported that its experimental drug reversed liver damage in a Phase II trial for metabolic dysfunction-associated steatohepatitis (MASH), formerly known as NASH.
The results boosted Akero’s stock, which doubled in value, and also lifted shares of 89bio, which is developing a similar treatment. On the back of the rally, both companies moved quickly to raise capital. Akero priced a $350 million stock offering, while 89bio followed with its own quarter-billion dollar offering.
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